There are nearly 170 million migrant workers in the global economy or 5 per cent of the global labour force. This video walks through some of the possible micro and macro effects of an increase in net migration into a country.
#migration #economics #edexceleconomics
VIDEO TIMESTAMPS
00:00 - Introduction to labor migration and its global statistics
00:37 - Microeconomic effects of changes in migration
01:12 - Increase in labor supply and its impact on specific industries
01:47 - Impact on demand for certain industries, such as housing and healthcare
03:30 - Macro effects of labor migration on aggregate supply, aggregate demand, and government finances
04:09 - Potential effects on inflation and trade-off between inflation and unemployment
04:38 - Fiscal implications of migrants on government spending and tax revenue
05:09 - Evaluation of the significance of micro and macro impacts
05:40 - Factors influencing the impact of migration at both micro and macro levels
06:10 - Consideration of wider externalities and social consequences of labor migration
06:44 - Conclusion and encouragement to think synoptically
VIDEO SUMMARY
This short synoptic revision video focuses on labor migration, highlighting its global scale and discussing its micro and macro effects. The video starts by providing statistics on international migrant workers and their concentration in different industries. On the micro level, the video explores the impact of labor migration on labor supply, wages, and industries such as housing and healthcare. At the macro level, it discusses the effects on aggregate supply, aggregate demand, and government finances, including potential inflationary effects and fiscal implications. The video emphasizes the importance of considering factors such as the skills and productivity of migrants, their impact on innovation, and the social tensions that can arise from rapid changes in the migrant population. The viewer is encouraged to make a reasoned judgment about the significance of micro and macro impacts.